Resolution No. 4497 - Laserfiche WebLink

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RESOLUTION NO. 4 <.(17 A RESOLUTION APPROVING A LOW-INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR PROPERTY LOCATED AT 5425 FOX HOLLOW ROAD, EUGENE, OREGON. (METROPOLITAN AFFORDABLE HOUSING CORPORATION). The City Council of the City of Eugene finds that: A. The Metropolitan Mfordable Housing Corporation is the owner of real property located at 5425 Fox Hollow Road, Eugene, Oregon, and more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, and has submitted an application pursuant to Subsection 2.939(2) of the Eugene Code, 1971 for an exemption from ad valorem taxes under the City's Low-Income Rental Housing Property Tax Exemption Program (Sections 2.937 and 2.940 of the Eugene Code, 1971). B. The Director of the Planning and Development Department, as designee of the City Manager has submitted a Report and Recommendation to the Council that the application be approved and the exemption granted. In making that recommendation, the Director found that the applicant submitted all materials, documents and fees required by the application and the City, including documentation that the housing units on the property were constructed after February 12, 1990, documentation that the required rent payment reflects the full value of the property tax exemption; documentation that the property is offered for rental solely as a residence for low-income persons; that the applicant is in compliance with the policies set forth in the Standards and Guidelines adopted by Resolution No. 4327 of the City Council, applicable local plans, planning regulations, and Metro Plan; and has executed the required Consent to Inspection of Premises and the Rent Regulatory Agreement, which agreement contains a provision requiring certification of income levels of low-income occupants; and is otherwise in compliance with the criteria for approval as set forth in Subsection 2.939(2) of the Eugene Code, 1971; all as set forth in the Director's Report and Recommendation. C. The project consists of the development of sixty (thirty duplex structures) low- income rental housing units (48 two-bedroom and 12 three-bedroom). All of the property will be used for the purpose of providing low-income rental housing. NO~ THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CIlY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Resolution - 1